The Mortgage Lender has introdcued a new, Lumi-branded, residential product aimed at borrowers whose finances have been impacted by a change in circumstances.

The range is available up to 75% loan to value, across four Lumi categories, catering for customers with defaults, CCJs, and mortgage arrears. It also offers enhanced credit criteria for unsecured arrears, bankruptcy and pay day loans when compared to TML’s core range.

Lumi products are available for employed, self-employed and complex income applicants. The minimum loan is £25,001 and the maximum loan is £1m.

Lumi rates start at 4.98% for a two-year fix and 5.29% for a five-year fix at 70% loan to value.

Steve Griffiths (pictured), The Mortgage Lender sales and product director, said: “Now more than ever lenders need to have criteria that caters for a wide range of customer circumstances and recognise that the last 12 months has been financially difficult for many people.

“Our Lumi range, which is available through specialist distributors, takes a pragmatic approach to the real-world experience many of our broker partners are presented with when they are sourcing a mortgage for their clients.

“It offers fair rates combined with a flexible approach to underwriting that provides a stepping-stone for home-movers or those remortgaging and, in some cases, credit repair.”